The Hong Kong government is raising taxes for high-income earners and luxury homes to help boost the SAR's revenue.
In his budget speech deliverd this morning (Feb. 28), Financial Secretary Paul Chan announced a two‑tiered standard rates regime for salaries tax and tax under personal assessment from 2024/25.
For individuals earning more than HK$5 million a year, the first HK$5 million will be subject to the standard rate of 15 percent, while the rest will be subject to 16 percent.
The government said about 12,000 taxpayers will be affected.
Meanwhile, officials want to implement a progressive rating system for properties, with higher rates for premises with rateable value of more than HK$550,000.
Tag:·HK· Budget· luxury homes· high-income earners· tax
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